Bank Negara Malaysia is continuing to encourage digitisation moves across the financial sector within a regulatory framework.

In August of this year, a new Forrester study noted that financial services organisations (FSIs) in Malaysia may be slower than their Asia Pacific counterparts in adopting digital transformation and cloud technologies.

Giron further summarised this picture. "Today the behaviour towards implementing cloud and the related internal policies among FSIs in Asia Pacific are clearly maturing. Cloud is increasingly seen as an enabler of the organisation's journey to digital transformation."

"But it is important to realise that a cloud strategy will only be successful if there is a clear understanding of applicable regulations," said Giron. "As organisations' understanding of regulations and of how and when to engage regulators increases, so too does their ability to successfully adopt competitive cloud solutions."

On 6 September 2017, Malaysia-based public listed PUC announced that its wholly-owned subsidiary, EPP Solution, an e-payment services provider for businesses, has received approval from Bank Negara Malaysia for an e-money license.

This will allow EPP to develop its eCommerce application within regulatory requirements set by Bank Negara Malaysia (BNM).

Cheong Chia Chou, who is group managing director and chief executive officer of PUC (MSC) Berhad, which has MSC (Multimedia Supercorridor) Malaysia status, explained that the move makes possible a business expansion programme.

The proposal, first announced on 30 August 2017, involves a variation of Irredeemable Convertible Unsecured Loan Stocks (ICULS), subject to approvals, to enable a comprehensive eCommerce and payment business, which will include the provision of e-money issuance.

"We are pleased with this approval as we continue to build up our capabilities and expand our suite of innovative offerings for the benefit of Malaysian businesses and consumers," he continued. "This is in line with our efforts to grow our eCommerce and financial technology-related business - and we are excited to soon debut our e-payment services to the market."